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India's Experience with Fiscal Rules: An Evaluation and The Way Forward

India's Experience with Fiscal Rules: An Evaluation and The Way Forward by Alejandro Simone
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This paper examines India's experience with fiscal rules with a view to inform the design of a possible successor fiscal framework to the FRBMA. Among several proposals to strengthen the FRBMA, a framework that focuses medium-term fiscal policy on debt sustainability by the use of a medium term debt target, and annual nominal expenditure growth rules is proposed. This approach tackles the deficit bias at its core and enables countercyclical fiscal policy through automatic stabilizers. Numerical targets should be supported by structural reform measures for both revenues and expenditures, while the coverage of the fiscal rules should be expanded.
International Monetary Fund; August 2009
40 pages; ISBN 9781452764191
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Title: India's Experience with Fiscal Rules: An Evaluation and The Way Forward
Author: Alejandro Simone; Petia Topalova
 
ISBNs
145198622X
9781451873221
9781451986228
9781452764191